Lordstown Motors Confirms DOJ Probe
Embattled electric vehicle start-up Lordstown Motors confirmed the U.S. Justice Department investigating its business, including the SPAC deal that brought the company public last year and its reporting of vehicle preorders.
The confirmation comes two weeks after the federal inquiry was first reported by The Wall Street Journal and confirmed to CNBC by a person with knowledge of the investigation. It follows a probe by the Securities and Exchange Commission into the company and public comments made by executives, including Lordstown former Chairman and CEO Steve Burns.
Lordstown Motors said in a filing Thursday that it has “received two subpoenas from the SEC for the production of documents and information, including relating to the merger between DiamondPeak and Legacy Lordstown and pre-orders of vehicles, and we have been informed by the U.S. Attorney’s Office for the Southern District of New York that it is investigating these matters.”
To read the full report from Michael Wayland at CNBC.com click here.
The company said it has “cooperated, and will continue to cooperate, with these and any other regulatory or governmental investigations and inquiries.”